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Exchange rates last updated Monday, 19 November 2018 11:12:46 AM EST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online sell rate will be used for conversions from US Dollars to a foreign currency.
The latest on USD to AED exchange rates
The lowdown on the evolution of the Emirati dirham
The name for the Emirati dirham originally derives from the Greek word drachmae meaning ‘handful’ and the old Greek currency of drachma. Back in the Greek-speaking Byzantine Empire, trade with Arabia meant that the Greek drachma coins were circulated around what is now the United Arab Emirates, becoming the Ottoman dirham across the Ottoman Empire and Persian states in the 7th century.
On May 19, 1973, the United Arab Emirates dirham was introduced, replacing the previous Qatar and Dubai riyal at par. The Qatar and Dubai riyal had been the currency across the UAE since 1966, except in Abu Dhabi which used the Bahraini dinar, which was replaced by the United Arab Emirates dirham at a rate of one dirham to 0.1 dinar. Before 1966, all of the UAE used the Gulf rupee.
A look back at US dollar to Emirati dirham rates
On January 28, 1978, the dirham was officially pegged to the International Monetary Fund’s special drawing rights. Known as SDRs, special drawing rights base their value on a basket of key international currencies. In actual practice, the Emirati dirham is pegged to the US dollar.
Since November 1997, the dirham has been pegged to the US dollar at a rate of 3.6725 dirhams to one dollar or 0.272294 dollars to one dirham and has remained pegged ever since.